Malta property searches increase

Rightmove Search Report has issued its latest findings which have thrown up some interesting aspects on the overseas market place - one of which is a continuing growth in interest, from buyers, in the Mediterranean island of Malta.

Enquiries for the country were up for the 5th consecutive month and on course to break into the top 10 countries on Rightmove this year.

“This doesn’t surprise me”, says James Vassallo, Sales and Marketing Manager at Tigne Point, a major new mixed-use development directly across the creek from stunning Valetta, a world heritage site.

“Despite the woes that have affected the market place in the last 18 months, we have managed to hold our own and have continued to conclude sales, albeit at a slower pace, throughout the period. Foreign buyers continue to be drawn to Malta for a whole variety of reasons and the local market has remained buoyant, especially when compared to some of the harder hit markets in the Mediterranean.

Now with the improving Euro exchange rate this situation should improve further.”

Referring back to the monthly reports from Rightmove one can see the marked increase in searches for Malta. In their March figures, the “% Change Searches” from the previous month show an improvement 20.63%.

Added James,” According to data from the National Statistics Office, in the first quarter of 2010 the number of property transactions rose by 3.93% and the All Property Price Index rose by 0.38% when compared to the corresponding period in 2009. Overseas buyers can benefit from very favourable income tax rates on income received in Malta and this has contributed to the island’s appeal , especially when it comes to higher end properties such as those at Tigne Point. With incentives for businesses drawing interest from international companies, Malta has withstood the worst of the economic crisis and remains a safe and attractive investment proposition, both in terms of financial returns and, equally importantly, in terms of the quality of life on this historic Mediterranean island.”

In fact, at Midi’s Tigne Point, a flagship development situated on the waterfront, of the 250 luxury homes already sold, 40% were to foreign buyers.”

The location of this brown-field development is exceptional, as is the quality of build and the contemporary car-free design; it all comes together, making an excellent formula for a permanent residence, investment or holiday let. In fact, The European Business Awards sponsored by HSBC, has announced that MIDI plc is to represent Malta in the prestigious 2010 Awards Programme the company having beaten off stiff competition to be selected as one of just 15 country representatives competing for the coveted Ruban d’Honneur.

Tigne Point. Malta.

Brand new stylish waterfront homes located on spectacular headland (approached via an expansive and stunning foot bridge), and within walking distance of brand new indoor shopping mall and favoured resort Sliema.

Beautifully appointed, luxury apartments and penthouses with a choice of views; the Capital of Valletta across the harbour waters, the Piazza, landscaped gardens or the sparkling Mediterranean. Shoreline pool, walkways and sports facilities.

This is a secure, exclusive environment in lush gardens surrounded on three sides by the sea.
Part of 450 million euro, 44 hectare programme by Midi plc.

T10 is the latest release with prices for two bedroom apartments starting from £360,000 and stunning penthouses from £1,333,000.

For more information, visit tignepoint.com.